MPC minutes point to two more rate hikes, possibly a third

Market participants and economists now expect a 25-bps increase in the December and February policy reviews. A further 25-bps increase in April has not been ruled out if crude oil prices remain persistently above $100 a barrel.

One basis point is a hundredth of a percentage point, so a 25-bps move equals a quarter of a percentage point.

Following the release of the minutes, Barclays said the probability of a consecutive hike in December has increased. The bank's terminal rate forecast for this hiking cycle is now 6%, and it expects the cycle to be rather shallow.